PNC Financial Services Group Inc. Sells 678 Shares of Targa Resources Corp. (NYSE:TRGP)

PNC Financial Services Group Inc. cut its holdings in shares of Targa Resources Corp. (NYSE:TRGP) by 3.4% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 19,142 shares of the pipeline company’s stock after selling 678 shares during the period. PNC Financial Services Group Inc.’s holdings in Targa Resources were worth $2,833,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. DT Investment Partners LLC bought a new position in shares of Targa Resources in the 3rd quarter valued at $29,000. Strategic Investment Solutions Inc. IL bought a new position in shares of Targa Resources in the 2nd quarter valued at $29,000. UMB Bank n.a. lifted its stake in shares of Targa Resources by 2,220.0% in the 2nd quarter. UMB Bank n.a. now owns 232 shares of the pipeline company’s stock valued at $30,000 after acquiring an additional 222 shares during the last quarter. Whittier Trust Co. bought a new position in shares of Targa Resources in the 2nd quarter valued at $44,000. Finally, Huntington National Bank increased its holdings in Targa Resources by 22.9% in the third quarter. Huntington National Bank now owns 478 shares of the pipeline company’s stock valued at $71,000 after purchasing an additional 89 shares during the period. 92.13% of the stock is currently owned by institutional investors.

Insider Activity at Targa Resources

In other Targa Resources news, insider Robert Muraro sold 2,500 shares of Targa Resources stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $146.20, for a total transaction of $365,500.00. Following the transaction, the insider now owns 174,451 shares of the company’s stock, valued at $25,504,736.20. This trade represents a 1.41 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Julie H. Boushka sold 3,260 shares of the firm’s stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $190.74, for a total transaction of $621,812.40. Following the sale, the chief accounting officer now owns 35,143 shares of the company’s stock, valued at approximately $6,703,175.82. The trade was a 8.49 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 185,760 shares of company stock valued at $30,026,712. 1.39% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on TRGP. Truist Financial increased their price objective on Targa Resources from $175.00 to $225.00 and gave the company a “buy” rating in a report on Friday, November 15th. The Goldman Sachs Group increased their price objective on Targa Resources from $147.00 to $163.00 and gave the company a “buy” rating in a report on Thursday, September 19th. Bank of America began coverage on Targa Resources in a report on Thursday, October 17th. They issued a “buy” rating and a $182.00 price objective for the company. Wells Fargo & Company increased their price objective on Targa Resources from $153.00 to $190.00 and gave the company an “overweight” rating in a report on Wednesday, November 6th. Finally, Morgan Stanley increased their price objective on Targa Resources from $173.00 to $202.00 and gave the company an “overweight” rating in a report on Friday, October 25th. Thirteen equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $176.50.

Targa Resources Stock Performance

Shares of TRGP opened at $201.10 on Tuesday. The company has a debt-to-equity ratio of 3.05, a current ratio of 0.77 and a quick ratio of 0.61. The stock has a 50-day moving average of $170.38 and a 200-day moving average of $144.99. The company has a market cap of $43.85 billion, a PE ratio of 36.37, a P/E/G ratio of 0.82 and a beta of 2.24. Targa Resources Corp. has a one year low of $81.03 and a one year high of $209.87.

Targa Resources (NYSE:TRGP) last issued its earnings results on Tuesday, November 5th. The pipeline company reported $1.75 EPS for the quarter, beating the consensus estimate of $1.58 by $0.17. Targa Resources had a return on equity of 27.59% and a net margin of 7.65%. The company had revenue of $3.85 billion during the quarter, compared to the consensus estimate of $4.24 billion. During the same period last year, the business posted $0.97 EPS. On average, equities research analysts predict that Targa Resources Corp. will post 6.23 EPS for the current fiscal year.

Targa Resources Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, November 15th. Investors of record on Thursday, October 31st were given a $0.75 dividend. The ex-dividend date of this dividend was Thursday, October 31st. This represents a $3.00 annualized dividend and a yield of 1.49%. Targa Resources’s payout ratio is 54.25%.

Targa Resources Company Profile

Targa Resources Corp., together with its subsidiary, Targa Resources Partners LP, owns, operates, acquires, and develops a portfolio of complementary domestic midstream infrastructure assets in North America. It operates in two segments, Gathering and Processing, and Logistics and Transportation. The company is involved in gathering, compressing, treating, processing, transporting, and selling natural gas; storing, fractionating, treating, transporting, and selling natural gas liquids (NGL) and NGL products, including services to liquefied petroleum gas exporters; and gathering, storing, terminaling, purchasing, and selling crude oil.